27 May 2024
Danske Bank x Infront
Simplifying self-service investing
Danske Bank is an influential Scandinavian finance company and Denmark's largest bank, serving personal and business customers and large institutional clients primarily in the Nordics, but also internationally.
Mikko Ossian Koski is Head of Execution Only in the Investment Products & Offering department at Danske Bank in Helsinki, Finland. This team is responsible on a group level for Danske Bank’s investment offering. They are part of the global private banking organisation, which in turn is part of the personal banking organisation.
Mikko manages predominantly online services offered by Danske Bank to their self-serve retail customers including e-banking and mobile.
Keeping it simple
Simplicity is Danske Bank’s core strength and main selling point. Investment Products & Offering aim to make it as easy as possible for customers to invest. At Danske Bank, the concept of simplicity also includes affordability, as customers can start investing even with small amounts.
In Finland, Danske Bank has also simplified pricing, making it more transparent and straight forward, particularly when it comes to equity investments. Danske Bank offers the Infront WebTrader as an add on for those who want to trade actively and benefit from the bank’s competitive staircase pricing model where the more a person trades, the more affordable it becomes.
Competitive edge with the Infront WebTrader
With the rapid growth of the retail segment in recent years, staying relevant is one of Danske Bank’s biggest challenges. They need to keep up with the competition, respond to customer demand and ensure that they offer services that the customer actually wants.
They also need to stay visible in the market so that when people start investing, they consider Danske Bank as a strong option. Being a Danish bank, Danske Bank has a substantial share of market in Denmark, but they are in more of a challenger position in Sweden and Finland.
The Infront WebTrader is part of Danske Bank’s add-on services, targeting those customers that invest actively, trading on a weekly or even daily basis.
The Infront WebTrader enables our customers to monitor the markets closely with continuous updates so they can have their finger on the pulse of the market at all times. The WebTrader gives them the up-to-the-minute data insights they need to help them make well-informed decisions at the right time
Staying relevant with active trading customers
Danske Bank offers an extensive list of markets where customers can trade, setting the bank apart from competitors. Currently there are 23 different countries where customers can trade using mobile banking or e-banking.
“The Infront WebTrader has boosted our business by making us relevant to the active trading segment. When our investment advisors meet with retail or private banking customers who want to invest actively themselves, we have this fantastic service available. Without the WebTrader it would be challenging to be relevant to active trading customers.”
Why Infront?
Instead of developing inhouse software for their offer to active customers, Danske Bank decided to look for an external provider. They identified a number of key factors necessary for the desired results and found that the best combination of functionalities came from Infront in competition with several other providers.
Danske Bank wanted a web-based solution so that customers wouldn’t need to download any kind of app. Ease of use and single sign-on were also important in their choice of systems. Additionally, Infront’s competitive pricing influenced their decision.
I would definitely recommend the Infront WebTrader. It is a good solution if you want to offer customers the ability to monitor the markets in real time. It works really well. And although we do not have the trading options, I have understood that those who do have it are very happy as well.
